Sydney adviser banned for ‘dishonest conduct’

ASIC has permanently banned a former financial adviser after an investigation by the corporate regulator found he was “not of good fame or character”.

Adam David Joyner, a former authorised rep of collapsed boutique Peter Joyner & Associates, has been banned from providing financial services following an investigation.

“ASIC found that Mr Joyner engaged in dishonest conduct that was both deliberate and persistent over a period of three years in relation to four clients, most of whom were elderly,” said a statement from the regulator.

“Further, Mr Joyner was found to have been operating a financial services business, for a brief period, without holding an Australian financial services (AFS) licence.”

Mr Joyner was found to have purchased and sold shares without client authority, leading to losses of more than $1 million.

He was also found to be un-cooperative with ASIC during the investigation process, the statement added.The AFSL of Peter Joyner & Associates was cancelled in 2011.